BofA Upgrades SAP To Buy From Underperform, New Price Target Implies 25% Upside

BofA analyst Frederic Boulan double upgraded SAP SE (NYSE:SAP) to Buy from Underperform. He gave a EUR 150 price target.
The price target signifies a 24.7% upside to current levels.
The momentum for SAP's cloud business is likely to accelerate, which will help change the perception of a stock that has lagged European tech peers, Boulan's research note stated.
The firm's survey of clients showed "high loyalty" to SAP and indicated a willingness to shift to its cloud products, Boulan added.
Price action: SAP shares traded higher by 3.53% at $146.71 in the market session on the last check Wednesday.